Income Tax Assessment Act 1997
SECTION 165-60 How to attribute assessable income to periods 165-60(1)
The company ' s assessable income for the income year is attributed to periods in the income year as follows.
165-60(2)
The following amounts are attributed to periods so far as they are reasonably attributable to those periods:
(a) amounts included in the company ' s assessable income under section 97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or
(b) amounts included in the company ' s assessable income under section 98A (Non-resident beneficiaries assessable in respect of certain income) of the Income Tax Assessment Act 1936 .
165-60(2A)
However, so much of an amount included in the company ' s assessable income under section 97 or 98A of the Income Tax Assessment Act 1936 as is a *capital gain that forms part of a *net capital gain is not attributed to a period.
165-60(3)
The following items of assessable income are attributed to each period in proportion to the length of the period:
(a) insurance recoveries for loss of *live stock or trees;
See section 385-130 .
(b) amounts included in assessable income as a result of elections relating to the forced disposal of live stock;
See Subdivision 385-E and section 385-160 .
(c) recoupment of mains electricity connection expenditure.
See items 1.16 and 2.5 in section 20-30 , which lists deductions for which recoupments are assessable under Subdivision 20-A .
165-60(4)
An amount included in the company ' s assessable income under section 385-135 (Election to defer including profit on second wool clip) is attributed to the period when the wool would ordinarily have been shorn.
165-60(5)
An amount included in the company ' s assessable income that is a *dividend under:
(a) section 65 (Payments to associated persons); or
(b) (Repealed by No 79 of 2007 )
(c) section 109 (Excessive payments to shareholders and associates);
of the Income Tax Assessment Act 1936 is attributed to the period when the amount was paid or credited, whichever occurred first.
165-60(6)
All other items of assessable income (except *full year amounts) are attributed to periods as if each period were an income year.
165-60(6A)
A *net capital gain is not attributed to a period.
Note:
This is because Subdivision 165-CB provides for how the company must work out its net capital gain for the income year.
165-60(7)
Full year amounts are amounts referred to in paragraphs (2)(a) and (b), so far as they are not reasonably attributable to a period, but do not include any part of a *capital gain that forms part of a *net capital gain. Full year amounts are brought in at a later stage of the process of calculating the company ' s taxable income for the income year.
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